By 
Pride and hardheadedness are two traits that almost all business owners share with each other. No matter what industry they belong in, a business owner is always proud of their company and what they have accomplished. While it is good to feel a sense of pride when boasting about the success of a company, when stubbornness and pride get in the way of progress and innovation, this can be a big problem.
Take for example the switch to a digital and updated account payable system. While most business owners find this a great way to stay current and on trend, others find it unnecessary to go from manual to automated. Here are a few telltale signs that the manual account payable system is no longer working for your company:
1. Consistent Data Encoding Errors
Manually typing down details of an invoice is stressful and tiring for one person to finish, but most manual systems depend on a single person for data encoding. This leaves a lot of room for human error that can be costly to the company. If you have noticed that the data encoding isn’t as accurate as it was before it is a clear sign that your business needs an upgrade to an automated account payable system, soon.
2. Several Complaints And Issues With Payment
The moment supplier start to call in their complaints about late or missed payments, there is a problem with your current payment and invoicing system. An employee processing the invoice may have misplaced the the papers or overlooked the payment which caused the delay. While this is acceptable once, repeating the same payment issues again and again can lead to a loss of a trusted supplier.
3. Sending Duplicate Payments
It is stressful to trace back where the error occurred, but it must be done. Duplicate payments that become a norm is annoying to both your company and your supplier because processing the refund requires another set of paperwork from both parties. Sometimes these errors are hard to spot and when they aren’t refunded, the company ends up losing a ton of income in the process.
4. Too Much Overtime Required
In this day and age where almost everything can be done digitally with ease and comfort, the invoice approval process shouldn’t be a problem. Business owners who find themselves constantly burning the midnight oil to balance the books and get on top of payment approvals are putting more work than necessary.
All those tiring nights can be gone in a flash once the payment systems have been automated. Plus, the results are way more accurate than they would be when done by tired eyes of sleep-deprived individuals.
Never Be Afraid Of Change
Don’t risk your company’s future by sticking to what you’ve always relied on, because change is a must when these errors become too costly. When these problems are not addressed early they start to pile up and the company begins to lose a lot of money along the way. As much as the old ways have proven to be useful, things have changed in the marketplace and it is time to accept that and move forward with the times.
Are you looking to upgrade your account payable system? Contact Nexus Systems today and let us demonstrate to you how our solutions can help your business.
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